The desire to go green has increased considerably in recent years. Businesses across the country are searching for ways to become more environmentally conscious. Beyond the benefits that renewable energy delivers in terms of the planet, businesses also have great scope to benefit financially from making the switch to eco-friendlier alternatives.
Here are some of the advantages companies can enjoy from renewable energy.
Lower energy bills long-term
Traditional energy sources, like natural gas, oil and coal are finite and the costs of these fossil fuels have consistently increased over the years as a result. From a financial perspective, this makes utility costs a hefty aspect of your business’ budget each year. Such a hit to your budget every year could hinder your growth and expansion, particularly if you require larger commercial premises which will cost more to run from an energy point of view.
You could be paying thousands of pounds more every year compared to competitors who have already switched to renewable energy. The likes of solar or wind power can be a highly effective way of reducing your energy bills each month, with the added benefit of reducing your carbon footprint too. In many cases, if you produce more energy than you require, it can be stored for future use which will provide peace of mind and also resilience for your business.
Strong ROI
For a business, understanding the return on investment is critical to every financial decision — especially with larger purchases. Renewable energy solutions such as Ground Source Heat Pumps, or GSHPs, require a financial investment upfront but the long-term savings your business will make from them ensures that the initial outlay is worthwhile.
GSHPs have significantly low operational costs so they’re a cost-effective option for commercial premises. What’s more, the components of a heat pump are long-lasting for fantastic returns over decades of use. Over time, the savings your business could make from renewable energy will counteract the initial costs, in some cases within just a few years.
Fewer maintenance costs
Many renewable energy systems are low maintenance compared to traditional generators, which makes them stress-free solutions for busy commercial premises, but it also means that you’ll save on maintenance costs and repairs. Because renewable energy comes from naturally abundant resources, the operating costs to source energy are much lower.
In particular, solar PV systems are quick to install, after which you can leave it and simply monitor it while benefitting from cleaner, cheaper energy. New solar panels can be expected to last well over 40 years if they’re cared for properly.
Minimised service disruption
There’s the added benefit that renewable energy sources are typically more stable and reliable than fossil fuels, so you don’t need to worry as much about losing power and having to stop working. A lack of power due to an electrical fault or adverse weather conditions could leave you unable to operate for hours at a time, which could impact your revenue for that period.
It could also affect your customers and clients, which could knock your reputation and future business opportunities. You’re far less likely to experience service disruption with renewable energy systems, which is great news for businesses. You’ll be able to continue working, even if your competitors cannot.
Improved public image and reputation
Brand image plays a primary role in customer acquisition and retention. By switching to renewable energy, businesses can encourage environmentally conscious customers to do business with them over other competitors. Sustainability is a focus for so many consumers today. That’s why showing customers and clients that you’re making greener strides in areas of your business can do wonders for your reputation.
In turn, encouraging customers and clients to choose your business over a non-environmentally friendly business can improve your bottom line. As time goes on and sustainability becomes an even bigger focus than it currently is, being able to demonstrate your green credentials could spell the difference between winning a customer or opportunity and losing them.
Key takeaways
Finding ways to cut costs and take advantage of a great ROI are fundamental to a successful business. If the changes you make in order to achieve that also offer additional benefits for the greater good, so much the better. Renewable energy systems can be combined too, such as solar and GSHPs or wind turbines, to give you greater resilience, larger quantities of energy and more cost-saving opportunities.
Renewable energy has the potential to cut down your business’ energy costs in the long term and provide a low- maintenance solution to your utility needs. It can also improve your public image, encourage eco-conscious customers and clients to work with you, and enhance your reputation as a business that cares about the planet.
